“I’m going to see Canelo next week in San Antonio. He’s going to be there to support his brother, Ricardo Alvarez, who is going to be fighting on the card,” said Schaefer. “So, I’m planning on discussing with him where we stand. Then, very swiftly, thereafter, I would say, within days, we’ll announce who it will be.”

Top Rank CEO, Bob Arum said he had no knowledge of a $15 million offer to Cotto, adding that his stepson, Top Rank President, Todd duBoef, is handling the Cotto-Martinez negotiations. Martinez’s promoter, Lou DiBella, and the fighters’ advisor, Sampson Lewkowicz, expressed similar sentiment regarding the $15 million offer.

Schaefer has listed other options for Alvarez, a shot at IBF 154-pound titleholder Carlos Molina or perhaps the winner of Saturday’s bout between Austin Trout and fellow left-hander Erislandy Lara, or a future rematch with Mayweather.

“I’m waiting on Miguel Cotto, and if that doesn’t happen, then we’ll look at what the other possibilities are,” said Schaefer of Alvarez, whose unanimous decision over previously unbeaten Trout in April drew nearly 40,000 to The Alamodome in San Antonio.

“Obviously, Carlos Molina for the IBF world title is one of them. So we will just have to see. There are other names out there, and we’re just going to have to see what we’re going to do. But, I’m waiting on Cotto probably for another week.”

Cotto, who has fought at junior middleweight since 2010, looked sharp and powerful stopping fringe contender Delvin Rodriguez in the third round in October.